Ophthotech, Novartis in Fovista Drug Pact

Ophthotech to Get $200 Million Upfront Payment With Potential for More Than $1 Billion

By

Maria Armental

Updated May 19, 2014 7:17 p.m. ET

Swiss drug maker Novartis AG said it has entered into an exclusive agreement with Ophthotech Corp. to commercialize the biopharmaceutical company's wet age-related macular degeneration treatment Fovista outside the U.S.

Shares of New York-based Ophthotech surged 24% to $38.95 in recent after-hours trading, as the companies said Ophthotech would receive an upfront fee of $200 million, with the potential to secure more than $1 billion...